In the fast-paced economy, competition among countries in attracting foreign investment in the post-COVID-19 period is increasingly fierce, however, the management of foreign investment activities in Vietnam still remains inadequate and inconsistent. To overcome these shortcomings, in order to improve the investment and business environment, and to enhance the quality and efficiency of foreign investment inflows in the upcoming period, on May 24, 2023, the Prime Minister issued Directive No. 14/CT-TTg on a number of tasks and solutions to improve the efficiency of foreign investment in the new period (“Directive 14”).
Accordingly, the Prime Minister requested the implementation of various solutions to prepare favorable conditions for attracting investment and production, and business, specifically:
1. Accelerating the organization, elaboration, and appraisal of provincial planning for the period 2021-2030 with a vision to 2050, according to the integrated method, to spatially orient, arrange and organize, and to create opportunities for rapid and sustainable development.
2. Completing legal regulations towards promoting decentralization between the Government, ministries, branches, and local authorities.
3. Researching the issue of formulating the Law on Venture Investment, and policies to attract investment in the field of digital technology.
4. Implementing tax incentives, including:
a. Reviewing and finalizing current legal regulations and developing a roadmap to apply the global minimum tax;
b. Amending regulations on personal income tax incentives for foreign experts, overseas Vietnamese experts, and domestic high-quality human resources to expand high-quality human resources in Vietnam.
5. Providing solutions to attract investment and support besides taxes on the basis that is not contrary to international regulations and commitments.
6. Developing solutions and policies on training and employment in order to attract highly qualified workers and retain Vietnamese talents.
7. Strengthening dialogue with businesses and investors: The chairmen of People's Committees of provinces and central cities shall chair at least 02 dialogues per year with enterprises to grasp and immediately handle problems under their authorization.
Directive 14 comes into force from the date of its issuance.
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